Columbia-based bank owner SCBT Financial Corp, said it has completed its acquisition of Peoples Bancorporation Inc., extending its reach into the Upstate.

The all-stock deal was valued at about $32 million.

The buyout was announced in December,

Shareholders received 0.1413 share of SCBT stock for each Peoples share they owned.

The newly acquired company had three subsidiaries: The Peoples National Bank, Bank of Andersonand Seneca National Bank. SCBT said it will continue to operate their eight branches under the current names until the integration is completed.

SCBT also said it has repurchased $13.4 million of preferred stock that Peoples sold to the U.S. Treasury under the Troubled Asset Relief Program.